A piece of equipment purchased on january 1 2011 for 16000, Ask an Expert

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A piece of equipment purchased on January 1, 2011, for $16,000 was estimated to have a residual value of $4,000 at the end of its three-year useful life. If the equipment was depreciated using the straight-line method and disposed of on December 31, 2012, for $4,800, what amount of gain or loss would be reported on the income statement?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9431532

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